Ask Question
BusinessBusiness
26 June, 04:00

Carl agrees to build a hotel for Jerry by December 1. Both parties agree that if Carl fails to meet his December 1 deadline, he would be obligated to pay $10,000 per day in damages beginning December 2 for each day it takes to finish the hotel past the December 1 deadline. The $10,000 per day damages represent:a. Specific Performanceb. Restitution. c. Liquidated Damages. d. Punitive Damages

+3
Answers (1)
  1. 26 June, 04:26
    0
    Answer: liquidated damages

    Explanation: In simple words, liquidated damages refers to the damages that the parties designate with each other while forming the contract. Under this clause, the guilty party will pay the suffering party a certain amount of compensation in case of not performing an activity as per the contract.

    In the given case, Carl and Jerry had a contract that Carl will build the hotel in a certain period which he fails to perform.

    Hence, Carl is liable to pay liquidated damages to Jerry.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Carl agrees to build a hotel for Jerry by December 1. Both parties agree that if Carl fails to meet his December 1 deadline, he would be ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Jim just found a job with a take-home pay of $1,000 per month. he must pay $500 for rent and $100 for groceries each month. he also spends $100 per month on transportation.
Answers (1)
Soapsuds Inc., a manufacturer of cleaning agents, supplies its products to All Needs Inc., a supermarket chain. It demands that All Needs create more shelf space in its stores for Soapsuds' products. However, All Needs Inc. refuses to do this.
Answers (1)
Slim Technology Inc. records the following amounts before reconciling the overhead variance. Applied overhead $567,000 Actual overhead 555,000 Normal cost of goods sold 701,250 Calculate the cost of goods sold for Slim Technology Inc.
Answers (1)
Pack Company had the following dа ta: Service Revenue $10,000 Cash $12,000 Accounts Receivable $3,000 Office Supplies $4,000 Rent Expense $2,000 Salaries Expense $1,200 Utilities Expense $800 Accounts Payable $3,200 What is the amount of total
Answers (1)
Suppose that you have received $300 as a birthday gift. you can spend it today or you can put the money in a bank account for a year and earn 5 percent interest.
Answers (1)
New Questions in Business
What payment type is best if you are trying to stick a budget
Answers (2)
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided.
Answers (1)
Do you think it's necessary to have a love of sports to work in the Sports Industry?
Answers (2)
Aliyah earned a $6,000 bonus from her sales job for exceeding her sales goals. after paying taxes at a 30% rate, she invested the remaining money in two stocks.
Answers (1)
6. What is the correct way to punctuate the bold portion of this quotation? "Excuse me," the usher whispered I think you are sitting in the wrong seats." A. whispered. "I B. whispered", I C. whispered". I D. whispered" I
Answers (1)
Home » Business » Carl agrees to build a hotel for Jerry by December 1. Both parties agree that if Carl fails to meet his December 1 deadline, he would be obligated to pay $10,000 per day in damages beginning December 2 for each day it takes to finish the hotel past
Sign Up Forgot Password?